Frequently Asked Questions
- I use QuickBooks / ComputerEase / Peachtree / Foundation / TCM etc. as my accounting software. Can you help me?
- My auditor told me that I can't count holidays and vacation against the Prevailing Wage fringe. Are you telling me that I can?
- Less than 10% of my company's work is Prevailing Wage. Can you still help me?
- My company does not currently have a 401k in place. Can you still help me?
- Will you come see me?
- How is it determined which fringe benefits an employee is eligible for?
- What is a Benefit Bank?
- How does an employee determine their Benefit Bank rate?
- Are there any limits to how much Prevailing Wage Required Fringe a company can contribute to their 401(k) Pension Plan?
- How long has Advantage Resource been around? Where is your office located?
- Can you provide references who will attest to the service you provide?
Answers
1. I use QuickBooks / ComputerEase / Peachtree / Foundation / TCM etc. as my accounting software. Can you help me?
Yes. We can help you regardless of which accounting software you use.
2. My auditor told me that I can't count holidays and vacation against the Prevailing Wage fringe. Are you telling me that I can?
Yes. To do so, however, you must follow all the requirements the law mandates (see "5 Things" for more detail).
3. Less than 10% of my company's work is Prevailing Wage. Can you still help me?
Yes. Generally speaking, if greater than 5% of a company's labor hours are spent on Prevailing Wage projects, enlisting our services will save you money.
4. My company does not currently have a 401k in place. Can you still help me?
Yes, and we can help you in setting one up so that you can take full credit for the fringes you provide.
5. Will you come see me?
Generally yes. We have customers throughout the region that do work all over the country.
6. How is it determined which fringe benefits an employee is eligible for?
The benefits which an employee receives are based on Employee Classification and Benefit Level.
Employee Classification is assigned to every employee and is based on job specifics, trade skill, and degree of responsibility. These classifications are by their very nature subjective, and are assigned by the appropriate company representative. Each employee should strive to advance to the next higher classification, as doing so equates to higher wages and additional Company benefits.
Benefit Level is assigned to each employee based solely on their length of service. An employee will move to the next higher Benefit Level (within their classification) automatically on the first payroll month following that particular time in service. Together, Employee Classification and Benefit Level determine what insurance the employee is eligible for, PTO Benefit Rate, 401k contribution eligibility, and other applicable fringe benefits.
7. What is a Benefit Bank?
The Benefit Bank is a means by which an employee can have a portion of the Prevailing Wage required fringe deposited into his Insurance Account in order to have funds available to maintain insurance coverage in the event of layoffs, seasonal work schedules, or personal insurance responsibilities.
8. How does an employee determine their Benefit Bank rate?
The Company office will be provided resources to assist employees in best determining their particular Benefit Bank contribution rate.
9. Are there any limits to how much Prevailing Wage Required Fringe a company can contribute to their 401(k) Pension Plan?
A contractor may deduct, on the company’s tax return, prevailing wage and other employer contributions to a 401(k) Pension Plan. The IRS limits the amount of the deduction to 25% of total pay. To determinate total pay for the purposes of applying the limit, a contractor includes all pay of all employees who are eligible to participate in the 401(k) Pension Plan. If an employee is excluded from the plan for a particular purpose, then that employee’s pay may not be included for calculating the 25% limit. Employee elective wage deferral contributions do not count against the 25% limit.
10. How long has Advantage Resource been around? Where is your office located?
Advantage Resource was founded in 2002. Our main office is in Lexington, Kentucky.
11. Can you provide references who will attest to the service you provide?
Yes, references are available upon request.
